PDC Executive Director Patrick Quinton said the city's $8 million loan to rehab a warehouse for Vestas is expected to be repaid -- there are no forgiveness provisions.Ross William Hamilton, The Oregonian

Portland hasn't had great luck when it comes to recent taxpayer investments in a couple of high-profile business ventures.

Last year, ReVolt Technology, a startup that received more than $1 million from Portland's urban renewal agency, declared bankruptcy.

Portland also guaranteed a $5 million loan for SoloPower, the solar panel startup that is struggling to survive.

This month the Portland Development Commission announced it would issue an $8 million forgivable loan to Daimler Trucks North America -- provided Daimler creates at least 400 jobs and invests $135 million.

With all this in mind, The Oregonian circled back to check in with Patrick Quinton, PDC's executive director, to track expectations on its 2010 loan that helped keep turbine-panel maker Vestas in town.

Quinton said the PDC still expects the loan to be repaid, in full, when it comes due after 15 years -- there are no forgiveness provisions. The loan went to 14th & Everett Investors, LLC, tied to developers Gerding Edlen, for building renovations.

"If they don't refinance or sell the building, then we can basically force the issue," Quinton said. "They're going to owe us."

If the loan is repaid, taxpayers will still have covered about $2.6 million in interest payments -- PDC's public investment in the building.

Quinton said the PDC generally uses a benchmark of $15,000 to $25,000 per job. Vestas was expected to add 100 jobs, Daimler 400.

But Vestas has been downsizing across the globe.

"Even if Vestas itself couldn't use all the space, they're likely to get a tenant that will continue to make the lease payments," said Quinton, noting that the prudence of investing in the building.